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time they communicate is when they want something from their customers or prospects (i.e. buy more stuff). Relationships are going to be even more important going forward, as there will be fewer dollars in the marketplace due to high unemployment, which means managing customer cancellations, and minimizing that number so it’s as low as possible, will be paramount to long- term success. Then, you’ll need to maximize the dollars each customer spends with you (ethically, of course) because it is far easier and cheaper to make the second sale than the first. This will be critical to thriving in the new economy. Finally, you’ve got to close more prospects and lower the overall customer acquisition cost, meaning you have to have a machine that follows up, adds value, and builds relationships so your sales people and/ or sales process can close more deals. Without these components, many will fail. They will blame COVID-19 and, to an extent, they will be right, but in many cases, the real reason for the business failure will be the entrepreneur who was unwilling to take the necessary steps or was uneducated about what those steps were. OPPORTUNITIES As companies fail and this new economy gets going, there will be massive opportunity. One of the easiest areas to see and capitalize on will be companies that are going out of business, especially a competitor. There will be businesses "FAR TOO MANY PEOPLE CONFUSE FOUNDATIONAL PRINCIPLES AND SHINY OBJECTS."
how people spend their money, at least over the next few years and maybe even over a decade or more, like the housing crisis did. One thing that won't change is the ability to grab market share just by helping your customers and prospects, having a good relationship with them, and having a good sales system. If you’re wondering why that won’t change, I’ll give you the short answer: Foundational principles of what works and what doesn’t work rarely ever change. The shiny object stuff changes daily, weekly, or monthly. Far too many people confuse foundational principles and shiny objects. With all the changes coming, you’ll be able to look at your business model and make massive changes to systems and processes or how you operate, which may have previously been too risky. Maybe it goes against the way you and your competitors have done it in the past. But people are going to be very accepting of change right now, so now is a good time to make adjustments that would benefit you and your company.
you can buy for pennies on the dollar. In some cases, you’ll be able to pick up assets, like the customer and prospect list, the telephone number and domain name, equipment, etc., all for cheap. With competitors closing, the opportunity will open up for the right entrepreneur, who is willing to build that foundation and do what needs to be done from a marketing and business standpoint, to grab market share. Here is the key, though: You will need to invest in marketing and a sales system and process that can capitalize on this opportunity. People are going to be a bit nervous for a while after this. If you remember back to the 2008 housing crisis, the news talked — up until COVID-19 — about how millennials were scared to buy houses and that we were going to become a society where everything was rented, etc. Why the sudden shift in consumer behavior? The millennials were kids when they watched their parents and friends’ parents get foreclosed on. They saw homeownership as risky, so they rented. You may see a shift in that now, as renters didn’t get bailed out and homeowners did, but that is still to be determined. So this nervousness will change
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